IFC invests US$30 million in waste-to-energy plant in Bac Ninh

The International Finance Corporation (IFC) has committed US$30 million to the construction of a waste-to-energy plant in the northern province of Bac Ninh as part of support for Viet Nam to help it reach net-zero carbon emissions by 2050.

At the corporation signing ceremony Source: Hanoitimes

The financing package will allow T&J Green Energy Company Limited – a joint venture between Thuan Thanh Environment JSC, a Bac Ninh-based recycling company, and JFE Engineering Corporation, a leading Japanese company in the construction and operation of waste treatment facilities – to develop a modern waste-to-energy plant in Thuan Thanh district.

The plant is expected to begin operations in 2024 and will incinerate 500 tons of daily and industrial solid waste every day. It aims to increase the province’s waste treatment capacity and reduce negative impact on the environment while protecting locals’ health.

Waste incineration at the plant is expected to generate 91,872-megawatt-hours of clean energy a year, preventing about 600,000 tons of greenhouse-gas emissions over 15 years. The power generated will be sold to Vietnam Electricity Corporation under a 20-year feed-in-tariff power purchase scheme. With about 1.4 million people and 16 industrial parks, Bac Ninh generates over 1,000 tons of solid waste every day.

Earlier in November, at the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow, the UK, Prime Minister Pham Minh Chinh affirmed that Viet Nam will take stronger measures to achieve net-zero emissions by 2050.